WhiteFiber, Inc.
- What it sells
- Cloud Services is 87% of revenue (fiscal year to Dec 2025), down from 96% a year earlier.
- Growing?
- Yes: revenue up 19% on a year earlier (quarter ended Sep 2026).
- Expensive?
- EV / revenue 8.3×. EV/revenue below the peer median of 21.5x: cheaper than its peers.
- Analysts?
- 91% of 11 say buy; average 12-month target $38.64, 274% above today's price.
- Risky?
- Much swingier than most large companies: its price swung 125% over the past year (the S&P 500's 14%), and it fell as much as 83% since Aug 2025.
WhiteFiber, Inc. (Nasdaq: WYFI) provides AI infrastructure via GPU cloud and AI/HPC-optimized colocation (including managed infrastructure and hybrid deployments), monetizing primarily through recurring cloud consumption / reserved GPU instance fees and contracted colocation capacity/services.
More about WhiteFiber
The company positions its stack around performance-optimized clusters (compute, storage, networking) and enterprise-grade SLAs delivered through owned/managed data centers and the WhiteFiber cloud.
Market Position
WhiteFiber competes in the AI/HPC infrastructure market against larger hyperscalers and specialized GPU-cloud and data-center operators, differentiating with a vertically integrated approach (GPU cloud + data centers), high-density power/advanced cooling, and performance optimization claims (e.g., faster job completion time versus benchmarks). Its standing is best described as an emerging, specialized provider rather than a market-share leader.
Key Segments
The company’s notable operating areas are Cloud Services (GPU cloud) and Colocation Services / Data Centers for AI and HPC workloads, with hybrid/private AI solutions spanning both environments.
How has the stock done?
Over the past month WYFI fell 30.2%; the technology ETF (XLK) fell 11.5% and the S&P 500 fell 2.7%.
Over the past six months WYFI fell 60.4%; the technology ETF (XLK) fell 0.8% and the S&P 500 rose 2.6%.
Over the past year WYFI fell 54.6%; the technology ETF (XLK) rose 18.2% and the S&P 500 rose 10.8%.
From Jun 22, 2026 to Nov 5, 2026, the deepest drop from a high since Aug 2025
How much the price swings in a year; the S&P 500's was 14%
When the S&P 500 moves 1%, the stock has moved about 4.3% the same way
Show the earnings releases
| Released | Quarter | Revenue | EPS vs estimate | Stock, day after | 5 days after |
|---|---|---|---|---|---|
| Jan 21, 2026 | ended Dec 2025 | $24M (+61% vs a year earlier) | — | +2.7% | +15.6% |
| Nov 13, 2025 | ended Sep 2025 | $20M (+64% vs a year earlier) | — | −20.8% | −23.5% |
Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.
Is the business growing?
Revenue was $24M in the quarter ended Sep 2026, up 19% from a year earlier.
Show the data
| Quarter ended | Revenue | vs a year earlier |
|---|---|---|
| Mar 2024 | $8.2M | — |
| Jun 2024 | $13M | — |
| Sep 2024 | $12M | — |
| Dec 2024 | $15M | — |
| Mar 2025 | $17M | +105% |
| Jun 2025 | $19M | +48% |
| Sep 2025 | $20M | +64% |
| Dec 2025 | $24M | +61% |
| Mar 2026 | $22M | +31% |
| Jun 2026 | $29M | +55% |
| Sep 2026 | $24M | +19% |
Revenue went from $48M in FY24 to $79M in FY25; net income from $1M to −$25M.
Show the data
| Fiscal year | Revenue | Net income |
|---|---|---|
| FY24 | $48M | $1M |
| FY25 | $79M | −$25M |
In the fiscal year to Dec 2025, Cloud Services was 87% and Colocation Services was 11% of revenue; Cloud Services fell from 96% in the fiscal year to Dec 2024.
Show the data
| Fiscal year | Part | Revenue | Share |
|---|---|---|---|
| FY2024 | Cloud Services | $46M | 96% |
| FY2024 | Colocation Services | $1.4M | 3% |
| FY2024 | Other | $550K | 1% |
| FY2025 | Cloud Services | $69M | 87% |
| FY2025 | Colocation Services | $8.9M | 11% |
| FY2025 | Other | $1.5M | 2% |
In the fiscal year to Dec 2025, Iceland was 87% and Canada was 11% of revenue; Iceland fell from 97% in the fiscal year to Dec 2024.
Show the data
| Fiscal year | Part | Revenue | Share |
|---|---|---|---|
| FY2024 | Iceland | $46M | 97% |
| FY2024 | Canada | $1.4M | 3% |
| FY2024 | Other Countries | $88K | 0.2% |
| FY2025 | Iceland | $69M | 87% |
| FY2025 | Canada | $8.9M | 11% |
| FY2025 | Other Countries | $1.1M | 1% |
A year earlier −$0.47
Diluted, from SEC filings
Quarters: WhiteFiber, Inc.'s SEC filings, named by the month they end. Fiscal years: WhiteFiber, Inc.'s annual reports to the SEC.
How it makes money
The company loses $31.2 for every $100 of revenue. Operating expenses exceed all of gross profit. It was profitable 1 years ago and is now loss-making.
Show the data
| Quarter ended | Gross | Operating | Net |
|---|---|---|---|
| Sep 2024 | 54.5% | −6.9% | −3.0% |
| Dec 2024 | 50.5% | −12.8% | −7.1% |
| Mar 2025 | 58.7% | 12.2% | 8.5% |
| Jun 2025 | 59.6% | −49.1% | −47.3% |
| Sep 2025 | 63.1% | −71.9% | −78.1% |
| Dec 2025 | 59.0% | −22.1% | −6.5% |
| Mar 2026 | 58.4% | −50.3% | −54.9% |
| Jun 2026 | 58.3% | −32.1% | −51.9% |
| Sep 2026 | 55.7% | −51.6% | −422.3% |
Circled: Sep 2026 (net −422.3%, operating −51.6%). Net margin is usually about 4 points below operating margin; in that quarter something below operating income (a tax charge or benefit, a gain or loss on investments, a write-down) moved it, not the business itself.
Each margin is that line of the income statement divided by revenue. Fiscal year: WhiteFiber, Inc.'s annual reports to the SEC; quarters: SEC filings.
Who pays for the build-out?
In the four quarters to Sep 2026, WhiteFiber spent $672M on capital projects (data centers and equipment), 2.4× the $281M its operations brought in. Interest was $6.4M in the latest quarter, 26.8% of revenue.
2.4× cash from operations
From $83M at the end of Jun 2026
Show the data
| Quarter ended | Cash from operations | Capital spending | Free cash flow |
|---|---|---|---|
| Sep 2024 | $20M | $2.8M | $17M |
| Dec 2024 | −$1.2M | $73M | −$74M |
| Mar 2025 | −$2.9M | $50M | −$53M |
| Jun 2025 | −$3.9M | $81M | −$85M |
| Sep 2025 | −$17M | $16M | −$32M |
| Dec 2025 | $69M | $122M | −$52M |
| Mar 2026 | $3.2M | $169M | −$166M |
| Jun 2026 | $86M | $176M | −$90M |
| Sep 2026 | $122M | $205M | −$83M |
From WhiteFiber, Inc.'s SEC filings: operating cash flow and capital spending by quarter; debt at each quarter end; interest expense by quarter, the fourth quarter being the year minus nine months.
How much work is already signed?
Customers had signed $729M of work WhiteFiber has not yet delivered at the end of Sep 2026: 7.4 years of revenue at the last four quarters' pace. New orders over those four quarters were about 8.3× revenue, so the backlog grew.
At the end of Sep 2026
Backlog over the last four quarters' revenue
New orders over revenue: above 1, more work comes in than goes out
Show the data
| Quarter ended | Backlog | Years of revenue | Book-to-bill |
|---|---|---|---|
| Jun 2025 | $11M | 0.2 years | — |
| Sep 2025 | $9.8M | 0.1 years | 1.0× |
| Dec 2025 | $930M | 11.7 years | 40.0× |
| Mar 2026 | $924M | 11.0 years | 0.7× |
| Jun 2026 | $1.0B | 10.7 years | 3.9× |
| Sep 2026 | $729M | 7.4 years | — |
Backlog: remaining performance obligations in WhiteFiber, Inc.'s SEC filings, revenue under contract not yet delivered. Book-to-bill: the quarter's revenue plus the change in backlog, over the quarter's revenue.
Customers and suppliers
Its 1 largest tenants named in the 10-K.
Their suppliers
Suppliers
WYFIWhiteFiberCustomers
Partners
CanopyWhiteFiber invested in it · SAFE investment for future preferred equity$1 million initial SAFE investment on June 30, 2024Bit Digital BTBTinvested in WhiteFiber · Controlling shareholder following HPC business contribution70.5% equity interest as of report dateNVIDIA NVDACo-marketing through NVIDIA Preferred Partner programHewlett-Packard Enterprise HPECo-marketing through partnership programSuper Micro Computer SMCIEarly computing platform access for evaluationDell Technologies DELLAuthorized cloud service provider relationshipShow the filing's words
| Company | Role | In the filing's words |
|---|---|---|
| Bit Digital | partner · invested in WhiteFiber | “As of the date of this Form 10-K, Bit Digital owns approximately 70.5% of WhiteFiber.” |
| Bit Digital | supplier | “All services are to be provided at cost, except if otherwise agreed to. For the year ended December 31, 2025, the fees payable, by WhiteFiber to Bit Digital are $3,108,146.” |
| Duke Energy | supplier | “Separately, the Company entered into a Capacity Agreement with Duke Energy pursuant to which Duke Energy agreed to use commercially reasonable efforts to achieve 24 MW (gross) of service to NC-1 by September 1, 2025, 40 MW (gross) by April 1, 2026, and 99 MW (gross) within four years of May 16, 2025.” |
| Cerebras | tenant | “It will support current contracted capacity, with Cerebras (5 MW IT Load), with future expansion potential subject to utility approvals.” |
| Initial Customer (unnamed) | customer | “Our Initial Customer accounted for approximately 70.7% of our revenue during the 12 months ended December 31, 2025 and 96.6% of our revenues through December 31, 2024.” |
| Boosteroid | customer | “The MSA provides Boosteroid with the option to expand in increments of 100 servers, up to 50,000 servers, representing a potential contract value of approximately $700 million over the five-year term assuming Boosteroid utilizes the GPUs and services at full capacity for the duration of the contract.” |
| Canopy | partner · WhiteFiber invested in it | “On June 30, 2024 (the “Effective Date”), the Company entered into a SAFE agreement for an initial investment amount of $1 million in exchange for a right to participate in a future equity financing of preferred stock to be issued by Canopy Wave Inc. (“Canopy”).” |
| NVIDIA | supplier | “Maintaining key supplier relationships is crucial to our business operations, as we rely on these relationships, such as with Dell, NVIDIA, Hewlett Packard Enterprise, Super Micro and Quanta Computing, to secure GPUs, servers, essential computing hardware, infrastructure components, and other materials.” |
| NVIDIA | partner · distribution deal with it | “For example, we have a co-marketing agreement in place with NVIDIA as a function of being a NVIDIA Preferred Partner through the NPN and with Hewlett Packard Enterprise, as a function of being accepted into their partnership program.” |
| Hewlett-Packard Enterprise | supplier | “Maintaining key supplier relationships is crucial to our business operations, as we rely on these relationships, such as with Dell, NVIDIA, Hewlett Packard Enterprise, Super Micro and Quanta Computing, to secure GPUs, servers, essential computing hardware, infrastructure components, and other materials.” |
| Hewlett-Packard Enterprise | partner · distribution deal with it | “For example, we have a co-marketing agreement in place with NVIDIA as a function of being a NVIDIA Preferred Partner through the NPN and with Hewlett Packard Enterprise, as a function of being accepted into their partnership program.” |
| Super Micro Computer | supplier | “Maintaining key supplier relationships is crucial to our business operations, as we rely on these relationships, such as with Dell, NVIDIA, Hewlett Packard Enterprise, Super Micro and Quanta Computing, to secure GPUs, servers, essential computing hardware, infrastructure components, and other materials.” |
| Super Micro Computer | partner | “With Super Micro Computer, Inc., we have early access to next generation computing platforms for testing and evaluation.” |
| Dell Technologies | supplier | “Maintaining key supplier relationships is crucial to our business operations, as we rely on these relationships, such as with Dell, NVIDIA, Hewlett Packard Enterprise, Super Micro and Quanta Computing, to secure GPUs, servers, essential computing hardware, infrastructure components, and other materials.” |
| Dell Technologies | partner | “We are an authorized NVIDIA Preferred Partner through the NPN, an authorized partner with SuperMicro Computer Inc.®, an authorized CSP with Dell (through Dell’s exclusive distributor in Iceland, Advania), an official partnership with Hewlett Packard Enterprise and a commercial relationship with QCT.” |
| Advania | supplier | “We are an authorized NVIDIA Preferred Partner through the NPN, an authorized partner with SuperMicro Computer Inc.®, an authorized CSP with Dell (through Dell’s exclusive distributor in Iceland, Advania), an official partnership with Hewlett Packard Enterprise and a commercial relationship with QCT.” |
| Quanta Computing | supplier | “Maintaining key supplier relationships is crucial to our business operations, as we rely on these relationships, such as with Dell, NVIDIA, Hewlett Packard Enterprise, Super Micro and Quanta Computing, to secure GPUs, servers, essential computing hardware, infrastructure components, and other materials.” |
| QCT | partner | “We are an authorized NVIDIA Preferred Partner through the NPN, an authorized partner with SuperMicro Computer Inc.®, an authorized CSP with Dell (through Dell’s exclusive distributor in Iceland, Advania), an official partnership with Hewlett Packard Enterprise and a commercial relationship with QCT.” |
| Shadeform | partner · distribution deal with it | “In March 2025, we entered a strategic partnership with Shadeform, Inc., the premier multi-cloud GPU marketplaces, to bring on-demand NVIDIA B200 GPUs to customers beginning in May 2025.” |
| Canopy | supplier | “We are working with vendors, such as Canopy Wave, Semper Victus IT, and Trainy.AI, to rapidly plan and deploy innovative HPC cluster designs.” |
| Semper Victus IT | supplier | “We are working with vendors, such as Canopy Wave, Semper Victus IT, and Trainy.AI, to rapidly plan and deploy innovative HPC cluster designs.” |
| Trainy.AI | supplier | “We are working with vendors, such as Canopy Wave, Semper Victus IT, and Trainy.AI, to rapidly plan and deploy innovative HPC cluster designs.” |
| Hydro Quebec | supplier | “In the province of Quebec where MTL-1, MTL-2, and MTL-3 are located, all of the hydroelectric power is provided by a crown corporation, Hydro Quebec, which has predetermined rates depending on the customers’ industry and based on the power demand.” |
| GreenBlocks | supplier | “Additionally, WhiteFiber Iceland ehf has contracted with GreenBlocks ehf for consulting services pertaining to our high performance computing services in Iceland.” |
Only the companies WhiteFiber names in its 10-K filed Mar 26, 2026 (SEC). The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words. Customers it does not name are listed as the filing describes them.
Is it expensive?
EV/revenue of 8.3x, below the peer median of 21.5x.
EV/revenue below the peer median of 21.5x: cheaper than its peers.
Show the data
| Company | EV / revenue |
|---|---|
| WULF · TeraWulf Inc. | 53.4× |
| NBIS · Nebius Group N.V. | 27.7× |
| IREN · IREN Limited | 21.5× |
| APLD · Applied Digital Corporation | 12.4× |
| CRWV · CoreWeave, Inc. | 9.5× |
| WYFI · WhiteFiber, Inc. | 8.3× |
Its peers here are the other AI infrastructure companies on this site, a group kept by hand: Yahoo Finance's Information Technology Services list is another business.
Compared on enterprise value (market cap plus debt minus cash) per $1 of revenue: for companies that reinvest what they earn or borrow to grow (software, AI data centers), P/E can mislead.
What analysts expect
The average analyst price target is $38.64, 274% above the current price; 91% of 11 analysts rate it a buy; earnings beat estimates in 1 of the last 3 quarters.
Buy or Strong Buy: 10 analysts (91%). Sell or Strong Sell: 0.
Over the past year the average of the analysts' latest price targets went from $35.33 to $40.60 (+15%), while WYFI went from $19.87 to $10.34 (−48%). In the past three months targets were raised twice and never cut. 1 upgrade and no downgrades over the year; the latest: Cantor Fitzgerald moved it to Overweight from Neutral on Aug 13, 2026.
Show every change
| Date | Firm | Change | Rating | Target |
|---|---|---|---|---|
| Sep 23, 2026 | Macquarie | Target kept | Outperform | $44.00 |
| Aug 17, 2026 | Needham | Target raised | Buy | $41.00, was $38.00 |
| Aug 14, 2026 | Barclays | Target raised | Equal-Weight | $32.00, was $29.00 |
| Aug 13, 2026 | Cantor Fitzgerald | Upgrade | Overweight, was Neutral | $36.00, was $27.00 |
| Aug 12, 2026 | BTIG | Target kept | Buy | $50.00 |
| Jul 21, 2026 | Barclays | Target raised | Equal-Weight | $29.00, was $27.00 |
| Jun 25, 2026 | BTIG | Target raised | Buy | $50.00, was $35.00 |
| Jun 9, 2026 | Barclays | Began coverage | Equal-Weight | $27.00 |
| May 15, 2026 | Cantor Fitzgerald | Target raised | Neutral | $27.00, was $13.00 |
| May 15, 2026 | Needham | Target raised | Buy | $38.00, was $36.00 |
| May 14, 2026 | BTIG | Target raised | Buy | $35.00, was $20.00 |
| Apr 10, 2026 | BTIG | Began coverage | Buy | $20.00 |
| Apr 9, 2026 | Cantor Fitzgerald | Began coverage | Neutral | $13.00 |
| Mar 27, 2026 | Needham | Target cut | Buy | $36.00, was $38.00 |
| Mar 27, 2026 | HC Wainwright & Co. | Target cut | Buy | $20.00, was $34.00 |
| Jan 26, 2026 | HC Wainwright & Co. | Target kept | Buy | $34.00 |
| Dec 24, 2025 | B. Riley Securities | Target cut | Buy | $40.00, was $44.00 |
| Dec 22, 2025 | HC Wainwright & Co. | Target kept | Buy | $34.00 |
| Dec 16, 2025 | Compass Point | Began coverage | Buy | $32.00 |
| Nov 19, 2025 | Citizens | Began coverage | Market Outperform | $37.00 |
| Nov 14, 2025 | Roth Capital | Target cut | Buy | $37.00, was $42.00 |
| Nov 14, 2025 | Needham | Target cut | Buy | $38.00, was $45.00 |
Show the data
| Quarter | Estimate | Reported | Surprise |
|---|---|---|---|
| Mar ’26 | −$0.31 | −$0.36 | −16.1% |
| Jun ’26 | −$0.40 | −$0.17 | +57.5% |
| Sep ’26 | −$0.30 | −$0.44 | −46.7% |
For the quarter ending Dec 2026, analysts expect an adjusted loss of $0.06 a share, and revenue of $54M, up 130% on a year earlier.
Adjusted. Range −$0.33 to $0.38; 4 analysts
Dec 2025: $24M; range $41M to $65M; 9 analysts
Show the data
| Period | Figure | Expected | Low to high | Analysts | A year earlier | Change |
|---|---|---|---|---|---|---|
| Quarter ending Dec 2026 | EPS (adjusted) | −$0.06 | −$0.33 to $0.38 | 4 | — | — |
| Quarter ending Dec 2026 | Revenue | $54M | $41M to $65M | 9 | $24M (Dec 2025) | +130% |
| Quarter ending Mar 2027 | EPS (adjusted) | −$0.09 | −$0.31 to $0.26 | 4 | −$0.36 (Mar 2026) | — |
| Quarter ending Mar 2027 | Revenue | $62M | $47M to $71M | 8 | $22M (Mar 2026) | +181% |
Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.
Where the cash goes
Capex of $672M exceeds operating cash flow of $281M, leaving free cash flow of −$391M. The gap has to be covered with cash on hand or borrowing.
Show the data
| Line | Amount |
|---|---|
| Op. cash flow | $281M |
| Capex | −$672M |
| Free cash flow | −$391M |
| Dividends | — |
| Buybacks | — |
| Cash retained | −$391M |
Free cash flow is negative, so the company is burning cash.
No dividend today; cash goes to growth and share buybacks.
Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings.
Financial health
Current ratio 2.0, no pressure to repay short-term debt; debt-to-equity 0.0, debt is very low and the balance sheet is solid.
Assets that can be turned into cash soon are 2.0x what is owed within a year. 1.5 or higher is comfortable; below 1 needs watching.
For every $1 of shareholder funds, there is $0.0 of debt (leases not counted). The higher the number, the more pressure when the economy weakens.
Cash and short-term investments of $114M and no debt. Lease obligations of $23M are not counted: they are rent owed, not money borrowed.
Latest fiscal year balance sheet. Source: Yahoo Finance.
Who holds it
In the filings of 2 funds whose copy leaves WYFI out (on the exchange, not in the app yet): Polen Capital Management, Swiss National Bank.
What did the funds Hunch tracks do?
Of the 83 funds whose 13F filings Hunch reads, 4 held WYFI at the end of their latest quarter (for most, Q2 2026). Over that quarter 3 bought new, 2 sold all and 1 held the same. The largest of them is Situational Awareness, 1.76M shares worth $68.3M at Jun 30, 2026.
3 of them new holders
2 of them sold all
Show every fund
| Fund | Quarter | Shares | Value | Change in shares | Change | Filed |
|---|---|---|---|---|---|---|
| Situational Awareness | Q2 2026 | 1.76M | $68.3M | 0 | 0.0% | Aug 14, 2026 |
| Nomura Holdings | Q2 2026 | 45,940 | $1.8M | +45,940 | New | Aug 14, 2026 |
| Renaissance Technologies | Q3 2026 | 0 | — | −37,900 | Sold all | Nov 12, 2026 |
| Polen Capital Management | Q2 2026 | 26,281 | $1.0M | +26,281 | New | Aug 4, 2026 |
| Tudor Investment Corp Et Al | Q2 2026 | 0 | — | −71,323 | Sold all | Aug 14, 2026 |
| Swiss National Bank | Q3 2026 | 23,400 | $421K | +23,400 | New | Nov 12, 2026 |
From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of WYFI at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end.
Logo: Nvidia, Apache License 2.0.
